Friday, March 13, 2015

When Is a Tax Cut NOT a Tax Cut? When It's in North Carolina

The "news" is beginning to catch up with the facts, that the much ballyhooed "tax cuts" engineered by the Republican overlords in Raleigh are actually turning out to be tax hikes for many in the middle class. Welcome to reality, suckas!

From the News & Observer today:
The new changes involve tax cuts that favor high earners and corporations. North Carolina’s economy is recovering along with the nation’s economy, but there’s no sign of corporations racing to relocate to North Carolina or wealthy “job creators” creating jobs. Much of the corporate savings went to shareholders, many of them out of state. Rich people put their tax savings in the bank next to the bundle they’ve made off a record-setting stock market.
Meanwhile, tax revenues are running below projections, the state is struggling to meet basic education needs, most state employees apparently will go another year without a raise and many retired people are discovering that the tax cuts are a tax hike. The changes reduced exemptions for pensions and eliminated the deduction for medical expenses. As they do their taxes this spring, seniors are howling when they reach the bottom line.

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